Automatic Adjustment of Dollar Amounts in Bank Code & Forms

Thursday, March 14, 2013

On April 1, 2013, automatic adjustments to the dollar amounts stated in various
provisions of the Bankruptcy Code and one provision in Title 28 of the United States Code will
become effective. The amended dollar amounts will apply to cases filed on or after
April 1, 2013.

In the Bankruptcy Reform Act of 1994, as amended by the Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005, and Pub. L. No. 110-406 (2008), Congress provided for
the automatic adjustment of these dollar amounts at three-year intervals. The relevant provisions
are codified in 11 U.S.C. § 104(a). The amended dollar amounts will affect, among other
matters:
• the eligibility of a debtor to file under chapters 12 and 13 of the Bankruptcy Code
• certain maximum values of property that a debtor may claim as exempt
• the maximum amount of certain claims entitled to priority
• the calculation of the “means test” for chapter 7 debtors
• the duration of a chapter 13 plan
• the definition of a small business debtor
• the minimum aggregate value of claims needed to commence an involuntary
  bankruptcy
• the value of “luxury goods and services” deemed to be nondischargeable
• where the trustee may commence certain proceedings to recover a money
  judgment or property

Follow the link to view a chart showing the affected sections of the
Bankruptcy Code and Title 28
and both the current and the revised dollar amount in those
sections.

Seven of the Official Bankruptcy Forms and two of the Director’s Forms contain
references to several of the affected dollar amounts.
• Official Form 1, Voluntary Petition
• Official Form 6C, Schedule of Property Claimed as Exempt
• Official Form 6E, Schedule of Creditors Holding Claims Entitled to Priority
• Official Form 7, Statement of Financial Affairs
• Official Form 10, Proof of Claim
• Official Form 22A, Statement of Current Monthly Income and Means Test
  Calculation (Chapter 7)
• Official Form 22C, Statement of Current Monthly Income and Calculation of
  Commitment Period and Disposable Income (Chapter 13)
• Director’s Form 200, Required Lists, Schedules, Statements and Fees
• Director’s Form 283, Chapter 13 Debtor’s Certifications Regarding Domestic
  Support Obligations and Section 522(q)

These forms will be amended April 1, 2013, and will apply to cases filed on or after that
date. The revised forms incorporating the changes are posted on the bankruptcy forms
pending amendment page of the Judiciary’s website.